The challenge
MiFID, the successor of the Investment Services Directive
(ISD), was adopted in April 2004. MiFID, one of the
key measures of the EU Financial Services Action Plan,
is designed to fill the gaps and remove the remaining
barriers to a single and secure market in financial
services across the EU.
With its 73 articles and detailed level 2 implementation
measures, MiFID will result in a number of significant
alterations to the current rules and business practices.
These changes will affect different parts of the business
including client facing functions, trading functions,
IT and operations, compliance, etc. The scope of transformation
induced by MiFID is such that the industry has lobbied
and persuaded the European Commission to postpone
to November 2007 the effective date of application
of the Directive originally foreseen for April 2006.
Operating in a centre of excellence in investment
and wealth management, most players in Luxembourg,
including banks, PFS and, in certain instances, management
companies will be impacted by MiFID.
In view of this changing environment, it is critical
for market participants to rapidly identify the opportunities
and competitive advantages the Directive could offer
them as well as to perform a gap analysis and define
a comprehensive plan to ensure compliance with the
Directive by November 2007.
PwC Solution
Our solutions have been designed to be flexible and
pragmatic in order to rapidly deliver added value
to our clients.
- Raising awareness and building knowledge within
your organisation
- MiFID trainings organized in cooperation with
PwC Academy - click here for an example
- Tailored Executive Workshops
- Assistance in the definition of your MiFID
project governance structure
- Assessing the readiness of your organisation
- Gap analysis between MiFID standards and your
organisation,
- Review strategic opportunities brought by
MiFID
- Structured workshops built around our 7 key
business issues
- Analyse pre- and post-MiFID implementation
scenarios
- Preparing your organisation to be compliant with
MiFID
- Developing of company wide MiFID change management
program
- Tailoring a Project Initiation Document
- Training key staff
- Implementing a MiFID compliant organisation
- Program and project management support
- Definition and enhancement of policies and
procedures
- Definition of system specifications for IT
enhancement
What’s in it for you
Based on our rich experience of successfully delivering
tailor made solutions to industry wide challenges,
we have setup a multidisciplinary team of experts
in regulatory compliance, business processes and system
matters to design a comprehensive but pragmatic approach
to accelerate your readiness to meet MiFID's challenges.
This team is linked to our European MiFID Group to
ensure knowledge and best practices are shared on
a European basis for your benefit and that assignments
covering different territories are coordinated.
Why PricewaterhouseCoopers?
We do consider MiFID as a business challenge and
not as merely a compliance issue. The implications
of the Directive are far reaching and necessitate
a comprehensive and organised approach involving most
business areas and supported by regulatory, business
and change management expertise. As a local and global
leader in professional services to the financial services
industry, we have the wealth of resources and expertise
to assist you in addressing the various challenges
posed by MiFID.
